Integrating a crypto processing gateway in 8 steps
Most businesses that accept Bitcoin don’t do so directly, but rather with the help of a specialized processor. Just like in the world of fiat payments there are Stripe, ChronoPay, Braintree, etc., the crypto payment market has its leading PSPs, including BitPay, CoinsPaid, CoinBase Commerce, etc.
When choosing a gateway through which to accept Bitcoin payments, merchants are advised to look for the following:
- Transparent fees (no hidden commissions or exchange rate gaps);
- At least 10 different types of cryptocurrency accepted, plus several fiat currencies;
- Instant crypto-fiat conversions and direct fiat settlements;
- A security audit report.
The integration itself can take as little as one business day and will follow a process that we will outline below.
Step 1: API setup
An API allows the merchant’s website to exchange data with the gateway’s server. The secret API access code allows you to withdraw funds from the account, so it has to be stored in a very secure location.
Step 2: choosing which coins to accept
While you should definitely accept Bitcoin payments, there are many other coins and tokens worth adding to your site. These include ETH, BCH, LTC, USDT, DOGE, TRX, etc.
You should also add a few fiat currencies. Many merchants that accept crypto prefer to convert it into fiat automatically (USD, EUR, etc.) to avoid volatility risks. If the price of BTC goes down, you can always convert fiat back into Bitcoin for additional gains.
Step 3: automatic withdrawals
Some gateways allow you to instruct the system to do withdraw the accumulated revenue automatically once the balance reaches a certain value, instead of withdrawing coins manually to an external wallet every time.
Step 4: setting up fiat options
Being able to accept crypto and withdraw fiat is very handy and will save your accounting and reporting team a lot of hassle. With some gateways, you can also deposit fiat money in the merchant balance using a SEPA or SWIFT transfer.
Step 5: learning to manage transactions
Crypto processing dashboards let you access detailed information on every transaction, be it made by a user paying in cryptocurrency for goods and services, or an automatic withdrawal, a top-up made by someone on your team, etc.
Step 6: testing
It’s strongly recommended to practice with a demo dashboard first before you begin to accept Bitcoin payments in live mode. You’ll need to test deposits, currency conversions, API requests, callbacks, and withdrawals.
Step 7: add a BTC payment button or form
Now that everything is set up on the back end, you’ll need to design an attractive payment button or icon on the site to let users know that paying with Bitcoin is available. The crypto payment provider should be able to assist with this.
Step 8: let the world know that you accept Bitcoin payments
Setting up crypto payments through a processor is just half of the job. The other half is to attract crypto traffic to your site – that is, spread the word that crypto holders can pay with crypto and encourage existing users to switch to digital currency.
The best ways to do this include:
- Social media campaigns with relevant hashtags and attractive visuals;
- Adding your website to directories listing crypto-friendly merchants;
- Discounts, giveaways, or gifts for those who pay with crypto;
- Press releases, newsletters, and blog articles;
- Collaborations with influencers;
- Publishing a tutorial on your site for first-time crypto payers.
As cryptocurrency adoption increases and BTC garners more and more attention from the media, the question isn’t to accept or not to accept Bitcoin payments – but rather what is the most efficient way to do it. Working with a reliable processing provider and using the correct marketing tools, you will soon see first a trickle, and then a veritable stream of new customers, increased revenue, and much lower payment costs.
Read More:Bitcoin Payments: Why and How to Accept BTC on Your Website
